Issuance of prime non-agency MBS more than doubled in the third quarter. Thanks to new production, expanded-credit MBS remained the top source of non-agency MBS, though issuance is slowing. (Includes data chart.)
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The Financial Stability Oversight Council’s review of the secondary mortgage market focused solely on the GSEs. Bottom line: Regulators endorsed con-servative capital requirements recently unveiled by the FHFA.
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More than $40 billion of jumbos originated in 2019 were non-QMs because they had DTI ratios greater than 43%. Many of the loans would be QMs if they were originated under the CFPB’s proposed QM standards. (Includes data chart.)
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Some 19.2% of non-QMs in MBS were modified or delinquent as of the end of August, down 70 basis points from July. Loan performance improved even as enhanced unemployment benefits expired.
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While lenders like the CFPB’s proposal to provide QM status to certain non-QMs if the loans perform well for the first three years after origination, con-sumer advocates warned of reduced protections for borrowers.
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If the CFPB doesn’t address the issue, sales of modified loans could stall due to compliance concerns, according to Kasasa, a third-party service provider.
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State regulators propose capital requirements for nonbank servicers; non-agency forbearance increases; Verus launches jumbo program; Angel Oak al-lows 90% LTV ratios on bank statement loans; PCMA expands into Florida; Home Diversification Corp. looking to launch second lien.
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